Case StudyAssurance Services
Operational Resilience project supports First Central Group to achieve regulatory compliance

Context

In March 2021 the Financial Conduct Authority (FCA) issued its final rules requiring firms within the UK’s financial sector to ensure operational resilience. CBO supported First Central Group, a Guernsey-based UK motor insurance provider, to achieve and evidence compliance with the FCA’s rules.

Approach

CBO provided project management and business analysis resource to support First Central through the initial 1-year implementation period. This phase required developing an approach to complete analysis of 46 processes over 14 business areas.

This analysis resulted in the identification of 9 important business services. Through a series of workshops with stakeholders across the business, each important business service was mapped, and a test plan developed to identify vulnerabilities in operational resilience.

The volume and complexity of the information gathered across the organisation, as well as the requirement to meet the regulatory deadlines, required CBO to ensure a robust governance structure and effective risk management process were in place.

Following completion of the implementation phase, CBO provided a further 6 months support to embed change into business as usual. This activity ensured the organisation was prepared with the knowledge, tools and documentation required to continue implementing operational resilience throughout the FCA’s 3-year transition period.

Outcome

CBO supported First Central Group to successfully deliver the activity and documentation required to evidence compliance with the FCA’s Operational Resilience rules.

Continued support into the transition period was a natural extension of the partnership CBO continue to develop with First Central, ensuring the client is confident in its ongoing delivery of this complex regulatory compliance project.

Client Feedback

“I have been very impressed by how Lydia supported the Operational Resilience project. This was a very complex piece of change involving distilling complex FCA rules across the whole enterprise. The solution applied was pragmatic, proportionate to the nature of the business but also fully compliant with the requirements. It was also scalable and will remain appropriate for us over the coming years as we continue to grow.” – Risk & Compliance Director, First Central Group.

More assurance services articles

Case Study
CBO support Ravenscroft with Risk Management Framework

Context Ravenscroft engaged CBO’s assurance services to help them mature their Risk Management Framework (“RMF”) to ensure that it was fit for purpose to demonstrate effective risk management and risk oversight. Ravenscroft’s Chief Risk Officer (“CRO”) had a desire to mature the RMF, thereby documenting and evidencing how the elements of the RMF work together […]

Blog Post
Data Protection: Five years on from GDPR

Since GDPR and the Channel Islands data protection legislation were implemented 5 years ago, personal data has become increasingly valuable and its protection more critical than ever before. Getting it wrong can be costly – for your reputation and your pockets. We sat down with Ed Mason-Smith, data protection expert and director here at CBO, […]

Case Study
Operational Resilience project supports First Central Group to achieve regulatory compliance

Context In March 2021 the Financial Conduct Authority (FCA) issued its final rules requiring firms within the UK’s financial sector to ensure operational resilience. CBO supported First Central Group, a Guernsey-based UK motor insurance provider, to achieve and evidence compliance with the FCA’s rules. Approach CBO provided project management and business analysis resource to support […]

Case Study
Client data project helps financial services business meet regulatory requirements

CBO supported a locally-based independent fiduciary and fund administration business to deliver a project driven by regulatory requirements. After a period of sustained growth, the business identified the need to enhance the efficiency of its existing processes, policies and systems relating to client data management and reporting capabilities. Identifying an opportunity, the client engaged CBO […]

Case Study
The Medical Specialist Group

The Medical Specialist Group The Medical Speciality Group (MSG) is a Guernsey-based organisation providing secondary health care and services to islanders across a broad range of specialisms. In the provision of these medical services, the MSG processes a large volume of extremely sensitive personal data where adequate controls of data and processes are needed to […]

Case Study
Data protection health check for Guernsey Mind

Guernsey Mind Guernsey Mind is an independent mental health charity, promoting positive mental health for the community by providing free mental health services as well as raising overall awareness. In the day-to-day running of the charity, Guernsey Mind processes and holds a wide range of personal data. The effective protection, security, and controls over of […]

Fancy a chat? Get in touch with CBO today to discuss how we can help